Can you please provide complete work/steps to solve this problem?? Thank you!

5. Award: 10.00 points The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow Racing Bikes 919,000 $262,000 402,000 255,000 158,000 97,000 Dirt Mountain Tolal Bikes Bikes Sales Variable manufacturing and selling expenses Contribution margin Fixed expenses Advertising, traceable Depreciation of speclal equipment Salaries of product-line managers Allocated common fixed expenses Total fixed expenses 485,000 434,000 118,000 144,000 209,000 193,000 20,200 15,300 36,400 51,000 122,900 69,300 43,700 115,700 183,800 8,600 40,500 7,800 38,900 80,400 167,600 20,600 40,400 52.400 412,500 122,000 $21,500 $ 22,000 $ 25,400 (25,900) Net operating income (loss) Allocated on the basis of sales dollars Management is concerned about the continued losses shown by the racing bikes and wants a recommendation as to whether or not the line should be discontinued. The special equipment used to produce racing bikes has no resale value and does not wear out Required: 1. What is the financial advantage (disadvantage) per quarter of discontinuing the Racing Bikes? 2. Should the production and sale of racing bikes be discontinued? 3. Prepare a properly formatted segmented income statement that would be more useful to management in assessing the long-run profitability of the various product lines